Conventional Loan

Michigan Conventional Mortgage

Traditional Loans

Michigan conventional mortgage loans allow first time home buyers to purchase their new home with only a 3% down payment. If you have owned a home in the past 3 years, the minimum down payment will be 5%. Conventional loans are the most common type of mortgage. Typically you will need a good credit history and a lower debt to income ratio.



  • 3% to 5% minimum down payment. Can be a gift from an immediate family member.
  • Seller can pay up to 3% of the sale price towards your closing costs.
  • Mortgage insurance varies greatly depending on credit score and down payment.
  • Conventional loan limits are $484,350.
  • No geographic restrictions.

General Loan


  • Credit score minimum of 620. The lower the credit score, the higher your rate and/or fees will be.
  • No previous mortgage loan late payment in the past 24 months.
  • No foreclosure in the past 7 years. Must have rebuilt credit.
  • No bankruptcies in the past 4 years. Must have rebuilt credit.
  • All court-ordered judgments MUST be satisfied or have a satisfactory payment history.
  • Condominiums must meet Fannie Mae or Freddie Mac requirements.

Conventional Financing 

Benefit From Good Credit

One of the advantages of a conventional loan is that the borrower can avoid paying the upfront mortgage insurance and possibly the monthly mortgage insurance of an FHA loan. If a borrower makes a down payment of less than 20 percent on a conventional loan, the rates of mortgage insurance vary according to credit scores, debt-to-income ratio, the type of mortgage insurance a borrower chooses, as well as the loan-to-value ratio.

Do you qualify?

Guidelines & Limits

Michigan conventional loans follow the guidelines established by Fannie Mae and Freddie Mac. Despite not being backed by government agencies, these loans are becoming increasingly flexible and offer many benefits to those who qualify. Nationwide, $484,350 is the conventional loan limit. Click here for the loan limit specific to your area.

Contact Us

Get In Touch

Looking for loan advice? We’d be thrilled to discuss conventional financing options with you. Call us at 810-227-5600.

Other Loan Options

One size doesn’t fit all. We are confident that one of our loan options will be perfect for you.

203 (k)

Get that home loan and the home improvements all wrapped up in one loan.

Conventional Loan

A standard home loan not needing to be backed up by any other agency.

FHA Loan

Loans backed up by the Federal Housing Administration that require insurance on the loan.


Is a form of a FHA Loan for qualified buyers with a qualified credit score.

Veteran Loans

The VA loan is a mortgage option available to Veterans, Service Members and select military spouses for $0 down.

Physician Mortgage Loan

A Unique loan specially crafted for physicians.

About us

Why Choose Mortgage 1

Since 1994, Mortgage 1 has been helping families throughout Michigan. We offer conventional, FHA, Rural Development, MSHDA and VA home loans for both purchase and refinance. We also offer other loan options if you do not fit the guidelines of these typical mortgage loans, such as Doctor Loans and rehabilitation loans. We will walk you through each step from getting pre-approved, shopping for homes and making an offer.

We believe in treating every client and business partner with the service and respect they deserve. With this principle in mind, it ensures satisfied clients and business partners which result in referrals into the future. I would be honored to assist you and your family with your home loan. Whether you are purchasing your first home or refinancing your current home, allow me to assist you every step of the way so that you have an exceptional experience.


Mortgage 1 Brighton

Mortgage One Brighton guides clients to the best loan options available from trusted, responsive and confident advisors. We help you achieve the joy of home ownership while we gain life long friends.



Rick Fernandez
NMLS #136110


Get In Touch

(810) 227-5600

5925 Meridian #200
Brighton, MI 48116